英文早读第155篇，选自巴菲特年度信，友才翻译。
BUFFETT PARTNERSHIP, LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
巴菲特合伙基金有限公司
基维特广场610室
内布拉斯卡，奥马哈, 68131
电话042-4110
December 26th, 1969
1969年12月26日
To My Partners:
致我的合伙人：
Our plans regarding the initial cash distribution have been finalized and we expect to mail to you on January 3rd a check dated January 5th, 1970 for approximately 64% of your January 1st, 1969 capitao, less any distributions made to you (including monthly payments) since January 1st, 1969. If you have taken no monthly payments during 1969, there will be a small interest adjustment in your favor; if you have had loans from BPL, there will be an interest charge. I couldn't be more delighted about the action of the bond and stock markets from the standpoint of the timing of our liquidation. I believe practically all partners - whether they would have invested in bonds or stocks - will be far better off receiving the cash now than if we had liquidated at the end of last year. Those seeking income will receive about 40% more after tax on the same principal investment than they would have achieved only a year ago at what then seemed like generous yields.
我们初次现金分配的计划已经完工，我们希望在1月3日寄给你一份1970年1月5日到期的确认函，大约是你1969年1月1日资金的64%，要扣掉从1969年1月1日开始给你的任何股息（包括月度付款）。如果你在1969年没有月度付款，将会有对你有利的小幅利息调整；如果你在巴菲特合伙基金有债务，也将会有利息费用。我很高兴从我们决定清算的时机的立场来看在债券和股市的走势。我相信几乎所有合伙人——无论他们对债券还是股票感兴趣——在现在收到的现金上会比去年末我们清算要收到多得多。这些收入大约税后多于40%相比于同样的资金在一年前收到后投资到任何常规的领域。
Our tax picture is virtually complete and it appears that you will have ordinary income (dividends plus interest income less ordinary loss) for Federal tax purposes of about 3-3/4% of your January 1st, 1969 (item 1 in enclosed letter), no significant long-term capital gain or loss, and a short-term capital loss of about 8-1/2% of your January 1st, 1969 unrealized appreciation (item 3). These estimates are just rough approximations - definitive figures will reach you in early February.
我们的税务测算几乎完成了，似乎计联邦税务的一般收入（股息加上股份收入减去一般损失）大约是你1969年1月1日资金的3.75%（在附录信中的第一条），没有重大的长期资金盈利或损失，短期资金损失大约是你1969年1月1日未结算盈利（第三条）的8.5%。这些预估仅仅是粗略的测算——确切数字将会在2月初给你。
The sale of our 371,400 shares of Blue Chip Stamps was not completed in 1969. When the stock went into registration, it was selling at about 24 per share. The underwriters indicated a range where they expected to offer our shares (along with others) with heavy weight placed on a comparision with Sperry & Hutchinon. Shortly before the stock was to be offered, with the Dow-Jones Industrials much lower but S & H virtually unchanged, they indicated a price below their former range. We reluctantly agreeed and felt we had a deal but, on the next business day, they stated that our agreed price was not feasible. We then withdrew and a much smaller offering was done.
蓝芯票证公司37万1400股的出售没有在1969年完成。当股票去注册时，他按每股24美金出售。承保人提出一个他们期望支付给我们股票（和其它一些在一起）的价格有一个很大权重和绿票证公司相比的范围。在这个股票可以提供前稍不久，道琼斯指数下跌较多但绿票证几乎没变，他们就提出一个比之前范围更低的价格。我们勉强同意了，觉得我们退让了，但是在下一个工作日他们表示我们同意的价格也行不通了。于是我们就退出了，一个更小规模的出售也完成了
1.in your favor：对你有利
2.standpoint：立场；观点
3.liquidation：清算；清盘
4.reluctantly：勉强；不情愿地；小心地
5.feasible：可行的；行得通的
6.withdrew：退出；撤回；停止提供；不再给予
7.underwriter：承保人；核保人
8.indicate：表明；表示；暗示
